Bitcoin Fell Down to $60K. What’s next?
On November 16, Bitcoin seems to have decided to test $60,000 as a support level. But the 8% drop in BTC does not scare experienced investors, since they are still confident in the rate’s growth.
BTC/USD is down 8% from local highs of over $66,000 on Monday, according to TradingView.
Leveraged traders were very upset about this turn of events but still hope for a resumption of Bitcoin’s upward trend.
And trader Peter Brandt, while studying the potential for buying cryptocurrency, caught the desired entry-level close to $50,000.
He stated that he is interested in buying about $53,000 worth of BTC and about $4,030 worth of ETH. And, although he is not a bear, he was glad to have dropped to the current level.
A trader and analyst at Rekt Capital, publishing an explanatory chart, stated that Bitcoin, even with a return to the monthly support level, will not fall below $58,000.
“If BTC is to go for a retest attempt of the Monthly level (green)… It would need to break down from this black uptrend line. Losing this trendline would probably confirm that this Monthly retest will happen. Until then, just consolidation volatility,” the analyst added.